As businesses increasingly rely on technology to conduct their operations, the importance of cybersecurity has become more critical than ever. Cyberattacks can have devastating consequences for businesses, including financial losses, reputational damage, and legal liabilities. To protect themselves against these risks, businesses must stay informed about the latest cybersecurity threats and trends. In this article, we will explore the top cybersecurity threats and trends that businesses should watch out for in 2023, and provide tips on how to protect themselves against these risks. By understanding these threats and taking proactive steps to mitigate them, businesses can ensure that they are well-prepared to handle any potential cybersecurity incidents.
RANSOMWARE ATTACKS
Ransomware attacks continue to be a significant threat to businesses, with hackers targeting sensitive data and demanding payment in exchange for its release. According to a 2021 report by SonicWall, there were over 304 million attempted ransomware attacks in 2020, a 62% increase from the previous year.
In 2020, the ransomware attack on Garmin resulted in a reported ransom demand of $10 million and caused widespread service outages for the company’s customers.
To protect yourself:
- Back up your data regularly and keep it in a secure location.
- Use antivirus and malware software to detect and block ransomware attacks.
- Keep your software up to date with the latest security updates.
- Use strong passwords and two factor authentication to secure your accounts.
PHISHING ATTACKS
Phishing attacks remain a popular method for hackers to gain access to a company’s network and data. These attacks typically involve tricking an employee into clicking on a malicious link or downloading an infected file. In a 2020 survey, 22% of data breaches involved phishing attacks.
In 2019, a phishing attack on Wipro, a large IT services company, resulted in the theft of credentials for over 100 customer accounts.
To protect yourself:
- Be cautious of unsolicited emails, especially those with urgent or suspicious requests.
- Don’t click on links or download attachments from unknown senders.
- Verify the sender’s identity before providing any personal or sensitive information.
- Educate yourself and your employees on how to recognise and report phishing attempts.
CLOUD SECURITY VULNERABILITIES
With many businesses relying on cloud based services, the security of these platforms has become a top concern. Weak passwords, misconfigured servers, and inadequate security measures can all lead to data breaches. In a 2020 survey by SANS Institute, 69% of organizations reported at least one unauthorized access incident in their cloud environment in the previous year.
Concard, a Brazilian payment card operator, exposed the personal information of over 200 million uses due to a misconfiguration in a cloud storage bucket in 2020.
To protect yourself:
- Choose reputable cloud service providers with strong security measures in place.
- Use complex passwords and multi-factor authentication to secure your accounts.
- Monitor your cloud environment for suspicious activity or access.
- Keep your software up to date with the latest security updates.
IoT (INTERNET OF THINGS) DEVICES
As more IoT devices are used in the workplace, the risk of cyberattacks has increased. These devices often have weak security measures and can be easily hacked, giving cybercriminals access to sensitive data. In a 2020 survey, 76% of businesses reported that IoT devices are more difficult to secure than traditional IT devices.
In fact, in 2020 the Maze ransomware group targeted a large I0T manufacturer and threatened to release data stolen from the company’s devices.
To protect yourself:
- Use IoT devices only when necessary and choose reputable manufacturers with strong security measures in place.
- Change default passwords on IoT devices and use complex passwords.
- Regularly update the firmware on your IoT devices.
- Segment your network to minimise the risk of an IoT device being used as a point of entry or an attack.
INSIDER THREATS
Insider threats are employees who intentionally or unintentionally put a company’s data at risk. This can include accidentally sharing sensitive information or intentionally stealing data for personal gain. In a 2020 survey by Accenture, 60% of organizations reported that they had experienced an insider attack in the previous 12 months.
In 2020, a former Twitter employee was charged with hacking into the company’s systems and accessing the accounts of high-profile users, including Barack Obama and Elon Musk. Also, in 019, a former employee of Capital One was accused of stealing data from the company and selling it on the dark web.
To protect yourself:
- Implement access controls and monitor employee activity for any suspicious behaviour.
- Train your employees on cybersecurity best practices and the risks of insider threats.
- Implement a strong password policy and two factor authentication to secure employee accounts.
- Implement regular security awareness training and drills for employees.
REMOTE WORK VULNERABILITIES
The COVID-19 pandemic has led to an increase in remote work, which has created new cybersecurity risks. Employees may be using personal devices, accessing company data through unsecured networks, or falling victim to phishing attacks while working from home. According to a 2020 survey by Tessian, 56% of employees said they had made mistakes that compromised the security of their company’s data while working remotely.
In 2020, the video conferencing company Zoom faced widespread criticism for several security vulnerabilities, including unsecured meetings and weak passwords, that were exposed as more people began working remotely during the COVID-19 pandemic.
To protect yourself:
- Use a virtual private network (VPN) to securely connect to your company’s network.
- Use a company-issued device whenever possible and keep it up-to-date with the latest security patches.
- Use strong passwords and multi-factor authentication to secure your accounts.
- Use encryption to protect sensitive data.
ARTIFICIAL INTELLIGENCE (AI) ATTACKS
As AI becomes more prevalent in the workplace, cybercriminals are finding new ways to exploit these technologies. This includes using AI to automate phishing attacks or to identify vulnerabilities in a company’s network. In a 2020 survey by ESG, 56% of organizations reported that they were concerned about the security risks associated with AI and machine learning.
In 2019, researchers demonstrated that they could use AI to create fake videos, or “deepfakes,” that appeared to show people saying or doing things they never actually did. This technology could be used for political or other nefarious purposes. In 2020, security researchers discovered an AI-powered malware that was able to evade detection by traditional antivirus software by constantly evolving its code.
To protect yourself:
- Use AI to detect and respond to security threats.
- Implement AI-based security solutions that can learn and adapt to new threats.
- Use human oversight to ensure that AI-based systems are working as intended.
- Regularly update and monitor AI-based systems for vulnerabilities.
It’s important to keep in mind that cybersecurity threats and trends are constantly evolving. It’s important to stay informed and up-to-date on the latest threats and best practices to protect yourself and your business.
One important actionable tip that businesses can take to protect themselves against cybersecurity threats is to implement multi-factor authentication (MFA) for all user accounts. MFA adds an extra layer of security to user logins by requiring users to provide more than one form of identification, such as a password and a one-time code sent to their mobile device. By implementing MFA, businesses can significantly reduce the risk of unauthorized access to their systems and data, even if passwords are compromised.
The Evolve Team
